It’s Hollywood Secrets Day Part 3: Virtual Reality Reaches for Its Crown

Today’s earlier posts (just scroll down and you’ll see ’em) dealt with what’s happening regarding TV today. Now it’s time to stand tall and look the future right in the eyes:

by Lucas Matney

It’s been an interesting past few years for the virtual reality industry and while there is still plenty for insiders to pin their hopes on in 2018, it’s no secret that things have been progressing a bit slower than more bullish parties would have hoped for. Yet for all of what potential still remains unfulfilled, it seems fair to say that storytellers are still just as entranced (and occasionally bewildered) by the power of the fully immersive medium.

Penrose Studios has been one of the more shining stars in the narrative-based VR content space. Their work has drawn easy comparisons to Pixar’s and their efforts have seemed to influence other studios in the space as well.

The VR studio announced [recently] that they have closed a $10 million round of Series A funding led by TransLink Capital. Also participating in the round were Marc Benioff, Will.i.am, Korea Telecom and Co-Made with returning investment from Sway Ventures, 8VC and Suffolk Equity.

While some competing venture-backed virtual reality content studios may be focusing their efforts on creating streamlined processes to build fast and cheap stories, Penrose appears to be more squarely focused on reaching its creative visions first and foremost.

The company’s latest major project, Arden’s Wake, is one of the more captivating VR short films I’ve seen to date. The ambitious half-hour animated feature pairs a tightly scoped storyline with a highly polished design that is whimsical and delightful in a way few other studios have managed to figure out. The startup began development of Arden’s Wake 18 months ago, sharing the finished product, which features voice acting from Alicia Vikander, at the most recent Tribeca Film Festival….